UPDATE 2-Estee Lauder sees higher-than-expected profit

* Q1 profit to "significantly" exceed company's prior view

* Cites growth in Asia, early holiday shipments

* Says to raise FY profit view later this month

* Shares jump 5.5 percent (Adds company's August forecast, analysts' comments, byline; updates stock activity)

By Jessica Wohl

CHICAGO, Oct 16 (Reuters) - Cosmetics maker Estee Lauder Cos Inc (EL.N: Quote, Profile, Research) expects to post a much higher-than-expected quarterly profit and raise its fiscal-year forecast later this month, after sales topped expectations, sending its shares up more than 5 percent.

The company, best known for its eponymous line and brands such as Clinique, said it still had a cautious view on consumer spending.

Estee Lauder derives much of its sales from department store makeup counters, which have been pressured by a drop in spending as consumers cut back on nonessential purchases.

In August, the company forecast a weaker-than-expected 2010 profit as it dealt with slack demand for makeup, perfume and skincare items during the lengthy recession. [ID:nN13265204]